What do you guys think rates are going to do from here? I’ve got an offer to refinance to a 4.5% fixed from a 3.75 adjustable. My deal is due to start adjusting in a year and a half. It seems like a no brainer, but I’m hesitant because I think with the Obama administration rates could get rediculously good in the next year.
Also, I calculated that if my rate adjusted today, it would adjust down to 3.12! That fact begs the question, how long might we be in a low interest environment?
Nobody has anything to say on this? I would think most homeowners, who carry loans, would be thinking about refinancing with the current rates. I guess not…
I think we stay in a very low interest rate environment for at least 2 years but if (big if) the economy recovers rates could rise very fast.
4.5% is great, you will prob get a better deal if you wait a few more months but not much better. I’d take it and call it a day.
I think ARM’s are bad news - period. Just look what happened this summer to people with interest-only ARM’s, or anyone who over-borrowed with an ARM.
I’d say lock in a fixed-rate now, even if it costs you a little more. Not doing so could cost you much more in the future than you will save in the short term.
[quote]on edge wrote:
Nobody has anything to say on this? I would think most homeowners, who carry loans, would be thinking about refinancing with the current rates. I guess not…[/quote]
If your mortgage is with Wells Fargo, they will refinance for nothing.
You will not get the lowest published rate though without paying the refinancing fees; however you can possibly get a lower rate without paying anything.
I just now did this. I will save money every month and didn’t have to increase my loan amount for any refinancing charges.
You might want to be a little more up to date on your end-of-the-world dreams HH.
Wall Street Journal had a story - really several - about how people are not spending nearly as much anymore and are instead trying to pay off debt.
One of many things the graphs never reflect: The resiliency of the human spirit.
That’s great. Its about 30 or so years too late, but that is great.
It’s never too late to change.
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Certainly, RJ. I am very pessimistic wrt our economy and don’t like to be. Its therefore heartening when I see people wanting to stand on their own two feet and not be dependent on government for a bailout. Maybe someday the idea of getting something for nothing or robbing your neighbors will be kicked to the curb, where it belongs.
